Electric vehicle charge network ChargePoint nears deal to go public: Report

FRANKFURT: ChargePoint, one of the world's oldest and largest electric vehicle charging networks, is nearing a deal to go public through a reverse merger with Switchback Energy Acquisition Corp, people familiar with the matter said on Wednesday .

Campbell, California-based ChargePoint, founded in 2007, last month closed on a US$127 million funding round which valued the company at US$1.37 billion, according to PitchBook data. Switchback Energy is a special-purpose acquisition company which raised US$300 million in an initial public offering in July 2019.A SPAC is a shell company that uses IPO proceeds, together with debt, to acquire another company, typically within two years. Investors are not notified in advance what the SPAC will buy.

Energy Energy Latest News, Energy Energy Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Exclusive: GM to manufacture own 'family' of EV drive systems, motorsGeneral Motors Co is set to announce plans on Wednesday to put into production an interchangeable 'family' of electric vehicle (EV) drive systems ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

GM explores market for electric 'flying cars': ReportGeneral Motors Co is exploring options in the aerial taxi market, including whether to build the vehicles known colloquially as 'flying cars,' as ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Nikola, CNH building electric truck prototypes for 2021 end launchNikola Corp and vehicle equipment maker CNH Industrial said on Monday they are working to build prototypes of the EV maker's Tre semi-truck, ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »